Mexicana gets new liquidation deadline extension
By Edvaldo Pereira Lima | January 14, 2013
Mexicana Airlines,
which suspended operations under severe financial distress in August
2010, is again up for sale. Bankruptcy judge Edith Alarcón launched a
new bid for local and international investors. Previous attempts to seek
an investor included 30 business groups.
The bid, which will remain open until Jan. 25, requires candidates to present a $100 million financial guarantee plus a $250 million to $300 million “verifiable” financial guarantee to acquire capital and management control over the troubled aviation group.
According to local observers, if the bankruptcy court does not attract or approve interested investors, it has three options—extending the deadline, lowering the financial guarantee amount, or liquidating the airline and associated companies.
The bid, which will remain open until Jan. 25, requires candidates to present a $100 million financial guarantee plus a $250 million to $300 million “verifiable” financial guarantee to acquire capital and management control over the troubled aviation group.
According to local observers, if the bankruptcy court does not attract or approve interested investors, it has three options—extending the deadline, lowering the financial guarantee amount, or liquidating the airline and associated companies.
